Its most recent venture round is just the latest in what has proven to be an exceptionally lucrative year for European fintech startups, particularly those based in the UK.
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Monzo's valuation jumps to $2.5B with new funding
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The digital bank has reportedly doubled its valuation to more than £2 billion (around $2.5 billion) with its latest fundraise, a £113 million round. Just two weeks ago, the British startup unveiled plans to launch in the US market. While it applies for a US banking license, American users will have access to a "light" version of Monzo's app with limited features, such as person-to-person payments and fee-free spending abroad. Monzo boasts more than 2 million users, including 200,000 who joined last month alone. However, despite the apparent allure of its signature coral card, the London-based company has yet to turn a profit. The company's 2018 financial report announced a pre-tax loss of £33.1 million, more than four times the £7.9 million lost the year before.
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